Ex-convict Martin Shkreli, who spent several years in prison for financial-related frauds, just recently hopped onto an X space and publicly announced his role in the creation of the new Donald Trump-themed token DJT.

This comes after questions on the tokens authenticity and accusations of insider trading continue to come up.

Ex-Convict Co-Created DJT

While posting on X, ZachXBT highlighted that Shkreli, the infamous Pharma Bro, privately messaged him, highlighting that he held over 1,000 pieces of evidence proving that he co-created the DJT token in conjunction with Barron, somewhat alluding to Barron Trump, Donald Trumps son.

The series of events began after crypto analytics firm Arkham Intelligence offered a massive $150,000 bounty for anyone with information about the creator of DJT. ZackXBT responded to the post and was ready to expose DJTs identity.

As per ZachXBTs series of posts, Shkreli personally messaged him, begging him not to be exposed, and even ousted Andrew Tate and Barron Trump. However, a short while later, after begging not to be exposed, Shkreli hosted an X space, ousting himself as the DJT creator.

This confession was as surprising as it was confusing since only a few hours earlier, the ex-convict had denied allegations of any involvement with DJT.

The ex-convict initially claimed that DJT was officially associated with Donald Trumps presidential campaigns, even going as far as betting with crypto trader GCR concerning the authenticity of this token.

Insider Trading Accusations Arise

However, the situation continues to evolve. Martin Shkreli now faces multiple insider trading accusations. ZachXBT shared a screenshot of Shkreli encouraging someone to buy DJT tokens.

The blockchain sleuth exposed an insider named Versosol, who sold about $832,000 worth of DJT tokens, converted these proceeds to USDC, and transferred them to a centralized exchange. This same insider is also a significant investor in another of Martin Shkrelis projects called Shoggoth.ai.

Lookonchain recently posted on X that an insider has been generating massive profits for selling DJT. They withdrew 72 SOL from Binance and used 67.1 SOL to buy over 58.87 million DJT.

This insider later sold their tokens for over 10,241 USDC and 7,387 SOL. In essence, the insider made profits of over $1 million from investments of just about $9,400. As per many in the crypto community, such 110x gains signal more insider trading, with Shkreli as the primary culprit.